Dogecoin: Network Indicators in Need of Improvement, Says IntoTheBlock
CryptoNewsTerminal Staff07 Aug, 2024
Dogecoin: Network Indicators in Need of Improvement, Says IntoTheBlock
On-chain analytics firm IntoTheBlock has released a report on Dogecoin (DOGE), highlighting some areas of concern for the popular cryptocurrency. According to IntoTheBlock, the percentage of DOGE holders who are "in the money" (i.e., holding their DOGE at a profit) has declined significantly in recent months. This suggests that a growing number of DOGE holders are selling their coins at a loss. IntoTheBlock also noted that the number of daily new addresses and transactions on the Dogecoin network has been on a downward trend for the past three months. This indicates that the network is not attracting new users or generating much activity. Overall, IntoTheBlock's report suggests that Dogecoin's network indicators are in need of improvement. If the trend of declining user activity and profitability continues, it could be a sign that DOGE is losing its appeal among investors.
